Why it is important to protect your Income with the Right Insurance

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Income protection is a very important type of insurance that every working adult should have, as it protects your income in the event you are unable to work for any reason. Most policies would cover any period up to a person’s death, and you can also obtain short term cover, which would be a little cheaper.

Personal Injury

If you suffered a personal injury that stopped you from working, you don’t want the additional burden of worrying about money, and the income protection insurance would match your salary on a monthly basis until such time as you can return to work. This might only be a few weeks, or it could be a permanent injury, and in that case, the insurers would make a lump sum pay out based upon your age and the extent of your injuries.

Sickness and Disease

Anyone could suddenly come down with an illness that prevents them from working, and with the right type of income protection, you would be covered for any eventuality. There are online brokers who can quickly obtain at least 5 quotes based on the given information, and they can usually offer very competitive quotes, as they have a good working relationship with all the major insurers and therefore are able to get a lower quote than if a member of the public approached them directly.

Employer’s Liability

Most employers will not cover a person for more than 12 months, and in the event you are off work for longer, the strain of having no income will soon become apparent. By taking out adequate income protection insurance, you will have peace of mind, knowing that your monthly salary is guaranteed for an indefinite period. Some employers might only cover their workers for 6 months, and if you were to be away from work for longer, they would not support you.

Online Brokers

The best way to source any insurance is to use an online broker, especially with something as complex as income protection. There are many variations and by explaining your needs to an online broker, they can very quickly source up to 8 quotes from reputable insurers, and they can often obtain much cheaper premiums due to their ongoing business relationship with the insurer. Not only that, sourcing online is very convenient, and by dealing with a single company, you can receive many quotes at one time.

Salary Linked

The premiums for this type of insurance would very much depend on your salary range, but whatever that might be, using an online broker will definitely give you the advantage, and they would be able to tailor the cover to suit the client. The only way to discover the cost of such insurance is to make an enquiry, and if you use an online broker, the entire process of sourcing the best cover would only take a matter of minutes.

If you rely on your income, it makes complete sense to set up some form of income protection, and with a simple online search, you should be able to locate a reputable broker who can source the best deal.